Compensation and Benefits benchmarking can provide critical data to help employers make commercially-informed pay decisions and set their own pay rates at an appropriate level without paying more than is necessary.
Through this process organizations can offer a competitive and fair C&B package to both prospective and current employees, which is vital for attracting and retaining skilled talent along with the different preferences per employees’ generation.
HR & Business Leaders have to:
A challenge that the HR Depts are facing is to reconcile the external pay market with internal equity.
Whether employees are being paid fairly or not, their perception of the matter influences their decision to stay or go.
Traditionally, raising base compensation and benefits have been the primary way employers attract and retain talent. While this approach may work for roles that need to be filled immediately, it can be extremely costly and temporary.
Salary benchmarking process typically consists of the following steps: